KTC advances with “KTC PROUD-UNIONPAY” launch to combat the COVID-19 era and develops functions for convenience, timeliness and safety

Tuesday 18 August 2020 13:14
KTC advances with “KTC PROUD-UNIONPAY” launch to combat the COVID-19 era and develops functions for convenience, timeliness and safety, standing beside cardmembers to enhance careers and generate income.
KTC advances with KTC PROUD-UNIONPAY launch to combat the COVID-19 era and develops functions for convenience, timeliness and safety

KTC reveals its personal loans business direction in the second half of the year with a focus on an in-depth understanding of the needs of the target audience. The Firm goes hand in hand with members to face the challenges of the COVID era and recommends the development of career skills to generate income and financial management. The Firm launches the revamped “KTC PROUD-UNIONPAY” cash card with boosted convenience with 4-in-1 function—Withdraw-Transfer-Swipe-Pay in one card, with even more convenience if used along with the “KTC Mobile” app, and receive money transfers from any bank with no fees coming soon.

Ms. Phichamon Jitpentham, Senior Vice President - Personal Loans, “KTC” or Krungthai Card Public Company Limited, reveals, “Since the start of the COVID-19 pandemic which has a global widespread effect, many had estimated that after the spread of this virus starts to die down, the economic conditions in Thailand has a tendency to become better. However, in reality the current economic situation remains at a slow down; consumers do not yet have the confidence to spend, and the different policies that are gradually being implemented all contribute as factors that make conducting businesses very challenging.”

“In regards to our current marketing strategy, we have to always be on the forefront of things to nourish the business towards sustainable growth amidst economic conditions that are remain uncertain. The Firm will maintain its quality and increase the amount of personal loans as appropriate, and will study and understand actual cardmembers’ identities and ways of life (empathy) to develop products and services that meet the needs and generate the most satisfaction for members. The Company will also develop functions of the “KTC PROUD” card so that it is usable everywhere and anytime to meet the lifestyle of consumers in a cashless society.”

“Marketing plans for KTC’s personal loans business in the second half of the year are broken down into 3 main aspects: 1) Launch of the “KTC PROUD-UNIONPAY” cash card with new 4-in-1 function—Withdraw-Transfer-Swipe-Pay, with added versatility in one card. Users may swipe for purchases of goods and services at leading merchants that support transactions with UnionPay cards nationwide with a 6-digit PIN code to confirm the transaction for both convenience and safety. Additionally, the card supports contactless payment system that makes it easier to make payments simply with a single touch—simply search for the Contactless symbol on the Electronic Data Capture machine.”

“The "KTC PROUD-UNIONPAY” card may also be used to withdraw cash from ATM machines across the country, at “KTC TOUCH” service branches, or online on the “KTC Mobile” app or on the “KTC Online” site real-time into Krungthai bank accounts. “KTC PROUD” personal loan applicants who have been approved from August 1, 2020 onwards will receive "KTC PROUD-UNIONPAY” cards with three special privileges, as follows: new "KTC PROUD-UNIONPAY” cardmembers who received card approval between July 20, 2020 to October 31, 2020 receive 50 Baht cash back on the “KTC Mobile” app for swipe purchases valued at 500 Baht per transaction, receive 50 Baht discount for gas refills at PT gas station valued at 800 Baht per transaction between April 1, 2020 to December 31, 2020, and earn 100 Baht cash coupons for purchases valued at 1,000 Baht per transaction at Central Food Hall, FOODLAND, Gourmet Market, Home Fresh Mart, Max Value and Villa Market between May 1, 2020 to October 31, 2020. Terms and conditions are as specified. On this note, it is estimated that there will be an approximate of 100,000 "KTC PROUD-UNIONPAY” cardholders by the end of 2020.”

“2) Real-time money transfers into all bank accounts on the “KTC Mobile” by Q3 this year. During this time where social distancing is encouraged in the COVID-19 era, cardmembers experience convenience, receive fast and ready to use money with no wait time and the need to search for an ATM machine or come into contact with cash and travel into the community. To boot, this service also helps reduce global warming through less slip printing. 3) Develop usability features on the “KTC Mobile” app to cater to increase flexibility for card users. “KTC PROUD” members may make transactions on the app on both Android and iOS smartphones that now cover necessary usability functions such as invoice viewing, bar code payments and card freezes. Furthermore, the app now features 24 hours of emergency additional credit limit service for real-time online cash withdrawals 24/7. Most importantly, the app is outstanding for its feature that allows the option to choose installment payments of up to 60 months or a minimum payment of 3 percent for online cash withdrawals made on the “KTC Mobile” app. It is estimated that there will be a growth of 20% in app usage from “KTC PROUD” cardmembers compared to the end of 2019. As of June 30, 2020, there are over 68% of “KTC PROUD” members who are using the “KTC Mobile” app from overall personal loan members.”

“In spite of the economic crisis due to COVID-19 which both, directly and indirectly, affected the earnings of “KTC PROUD” cardmembers, KTC still confirms its intentions to stand with cardmembers through every situation and is on set to move forward with its debt clearance project, which will be set up for the 11th time this year. It is important to mention the addition of educational and intensive courses that are appropriate to the situation with aims to let cardmembers learn from, and use to generate additional income apart from their full-time jobs. This includes “mushroom farming and processing for added value and principle calculation to prepare for distribution”, “financial management for debt and good financial health”, “chili sauce for a future with guidance on sales channels” and more.”

As of June 30, 2020, KTC personal loan members numbered 891,875 accounts, Gross Receivables 30.244 billion and NPL for the personal loans business according to the new standard totalled 8.5 percent.